There has been a decline in the headline inflation rate between November and December, according to the latest inflation report from the National Bureau of Statistics (NBS).
The report shows that the headline inflation rate for December 2022 was 21.34%, a decrease of 0.13% compared to November’s rate of 21.47%.
Despite this month-on-month decline, the inflation rate is still 5.72% higher on a year-on-year basis when compared to December 2021.
The NBS report also noted that the percentage change in the All Items Index for December 2022 was 1.71%, an increase of 0.32% when compared to November 2022.
Additionally, the average Consumer Price Index for the twelve months ending December 2022 was 18.85%, a 1.89% increase compared to the previous year.
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Joseph Omoniyi
